v3.22.2.2
LEASES (Tables)
 6 Months Ended
Jul. 31, 2022
Leases [Abstract]  
Lease, Cost [Table Text Block] The components of lease expense were as follows:
Three Months Ended July 31,Six Months Ended July 31,
Classification2022202120222021
(in thousands)(in thousands)
Finance lease cost:
Amortization of leased assetsOperating expenses$207 $243 $415 $688 
Interest on lease liabilitiesOther interest expense45 64 88 152 
Operating lease costOperating expenses and rental and other cost of revenue3,164 3,735 6,638 7,501 
Short-term lease costOperating expenses44 66 70 132 
Variable lease costOperating expenses473 639 1,018 1,252 
Sublease incomeInterest and other income(360)(219)(729)(416)
$3,573 $4,528 $7,500 $9,309 
Summary of Lease Assets and Liabilities Right-of-use lease assets and lease liabilities consist of the following:
ClassificationJuly 31, 2022January 31, 2022
(in thousands)
Assets
Operating lease assetsOperating lease assets$51,888 $56,150 
Finance lease assets(a)
Property and equipment, net of accumulated depreciation2,442 9,045 
Total leased assets$54,330 $65,195 
Liabilities
Current
OperatingCurrent operating lease liabilities$9,465 $9,601 
FinanceAccrued expenses and other554 7,466 
Noncurrent
OperatingOperating lease liabilities50,998 55,595 
FinanceOther long-term liabilities1,880 1,518 
Total lease liabilities$62,897 $74,180 
(a)Finance lease assets are recorded net of accumulated amortization of $1.8 million as of July 31, 2022 and $1.7 million as of January 31, 2022.
Summary of Lease Maturities Maturities of lease liabilities as of July 31, 2022 are as follows:
OperatingFinance
LeasesLeasesTotal
Fiscal Year Ended January 31,(in thousands)
2023 (remainder)$6,440 $400 $6,840 
202412,484 607 13,091 
202511,943 554 12,497 
202611,552 460 12,012 
202710,815 431 11,246 
20289,394 297 9,691 
Thereafter9,839 343 10,182 
Total lease payments72,467 3,092 75,559 
Less: Interest12,005 657 12,662 
Present value of lease liabilities$60,462 $2,435 $62,897 
Weighted-Average Lease Term and Discount Rate The weighted-average lease term and discount rate as of July 31, 2022 are as follows:
July 31, 2022
Weighted-average remaining lease term (years):
Operating leases6.3
Financing leases5.2
Weighted-average discount rate:
Operating leases6.2 %
Financing leases8.2 %
Rental Fleet Assets The following is the balance of our dedicated rental fleet assets, included in Property and equipment, net of accumulated depreciation in the condensed consolidated balance sheet, of our Construction segment as of July 31, 2022 and January 31, 2022:
July 31, 2022January 31, 2022
(in thousands)
Rental fleet equipment$73,014 $65,117 
Less accumulated depreciation25,205 23,501 
$47,809 $41,616